Tuesday, February 28, 2017

Small companies do not need auditors. Companies Act 2016. Still, companies need to submit accounting reports, P&L, Balance Sheet, Revenue report, Cash Flow.

Many companies will benefit from the new Companies Act 2016.
One of them is the need for Auditors is removed for small companies.
So if your are small companies ( annual sales <=RM300,000. Staff <=5, Asset <=RM500,000)).
then you do not need to appoint auditors. No need to submit audited report. ( Note: If your company is dormant, also no need to appoint auditor.)
This will save you a few thousands of dollars of auditor fees every year.
However you still must submit your financial report.
The usual like Profit and Loss, Balance Sheet, Changes.
OfficeCentral is in a good position to help you in this requirements.
Do your transactions in OfficeCentral and submit your report as required.
I suggest you choose MPERS ( Malaysia Private Entity Reporting Standard) chart of account so that you will comply to the MPERS requirements.
Make sure your Chart of Account also have the codes for tax items like for double tax deduction etc
Then jiust do your normal transactions, and you are ready for the submission using OfficeCentral reports.


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